Utkarsh Small Finance Bank FD Interest Rates

Utkarsh bank FD interest rates for 5 years FD is 7.5% for regular citizens and 8.25% for senior citizens. Utkarsh bank started as a microfinance institution in 2009-10 and has since made significant progress. In 2015-16, it was granted permission to function as a Small Finance Bank (SFB). In the following year, it commenced full banking operations.

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The bank has been recognized for its exceptional service and has received numerous prestigious awards, such as the SKOCH Award (Gold) for Inclusive Insurance. Utkarsh bank offers a range of banking and financial services to its customers, with fixed deposits being the most popular. The bank's exceptional performance over the years has resulted in Utkarsh Small Finance Bank FD Rates being among the most competitive in the market.

Utkarsh Small Finance Bank Fixed Deposit Rates 2023

The Utkarsh Small Finance Bank FD Rates are as follows:

Utkarsh Small Finance Bank FD Interest Rates (p.a.) 2023
Highest slab rate 8.00% (for 700 days)
For 1 year 7.50%
For 2 years 7.50%
For 3 years 7.50%
For 4 years 7.50%
For 5 years 7.50%
Tax-Saving FD 7.50%

Utkarsh Small Finance Bank FD Rates for amounts less than Rs. 2 crores w.e.f. Feb 27, 2023

Tenure

Interest Rates (% p.a.)
Regular Rates (%) Senior Citizen Interest Rates (%)
7 days to 45 days 4.00 4.75
46 days to 90 days 4.75 5.50
91 days to 180 days 5.50 6.25
181 days to 364 days 6.50 7.25
365 days to 699 days 7.75 8.50
700 days 8.25 9.00
701 days to 5 years 7.50 8.25
Above 5 years to 10 years 7.00 7.75

Utkarsh Small Finance Bank Tax Saver Fixed Deposit

Significant features of tax saver FD scheme are:

  • Deposits in the scheme are tax deductible up to Rs 1.5 lakh under Section 80C each financial year

  • Minimum deposit amount is Rs 1,000 and maximum is Rs 1.5 lakhs

  • Tenure of deposit is 5 years with a lock-in period

  • Senior citizens can get an additional 0.50-0.75% interest rate on FD deposits

  • Monthly and quarterly payout options available at discounted rates

  • Depositors can choose to receive interest payout at maturity

  • Premature/partial withdrawal, auto-renewal, and loan/overdraft facility are not available

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Utkarsh Bank FD Features

Some of the features of Utkarsh Small Finance Bank fixed deposit are:

  • Earn high returns

  • Senior citizens receive a higher rate of interest

  • Payouts - month, quarterly, or at maturity

  • Easily accessible online services 

Eligibility Criteria

  • A person who resides in India

  • A Hindu person who is part of a joint family

  • Any business registered with a sole proprietor

  • Any business registered as a partnership

  • Any business registered as a limited company

  • A trust-account

About Utkarsh Small Finance Bank Fixed Deposit Interest Rate Calculator

Utkarsh Small Finance Bank Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

  • The amount that is invested

  • The Rate of Interest offered

  • The tenure of the Fixed Deposit Account

  • The compounding period, that is, yearly, half-yearly, quarterly, or monthly

  • The FD Amount

Once entered the following details, an investor will come to know:

  • The maturity value of the FD

  • The total interest earned during the complete tenure

FD interest have fallen consistently over the last 5 years.
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Utkarsh Small Finance Bank Fixed Deposit Rates - Things to Know

Some things to know about Utkarsh Small Finance Bank fixed deposit rates are:

  • The least duration of the tenor is just seven days.

  • The premature withdrawal penalty is 1% unless done before seven days. 

  • Note that the interest rates given above are as per the latest updates. They may change from time to time. 

  • The above rates are applicable for both new accounts and renewals. 

  • The interest earned will have a tax deducted at the source component.

  • For deposits above 180 days, interest rate calculation is compounded. For anything below that, the interest is simple. 

  • The Tax Saver scheme has a fixed period of 5 years. 

  • The minimum amount for the Tax Saver scheme is Rs. 1000, and the maximum is Rs. 150000.

Summing It Up

Utkarsh Small Finance Bank's Fixed Deposit accounts can be a good investment option for those looking for secure and stable returns. The bank offers competitive interest rates on fixed deposits, which vary based on the deposit amount and tenure. Before investing, it is important to carefully evaluate the available options and consider factors such as liquidity requirements, risk tolerance, and financial goals.

FAQ's

  • Q) What is the minimum amount required to open a fixed deposit account with Utkarsh Small Finance Bank?

    Ans) A minimum of Rs. 1,000 is required to open a Fixed Deposit Account with Utkarsh Small Finance Bank. Besides, there’s also a cap of Rs 1.5 lakhs on maximum investment as well.
  • Q) Are there any penalties for premature withdrawal of fixed deposits at Utkarsh Small Finance Bank?

    Ans) After deducting a penalty of 1% on premature withdrawal, the remaining amount is credited to your bank account. The applicable rate is determined by the interest rate that applies to the duration of the deposit or the contracted interest rate, whichever is lower.
  • Q) Does Utkarsh Small Finance Bank offer any additional benefits to fixed deposit account holders?

    Ans) You can earn up to 8% Interest on FDs.
  • Q) Can I take a loan against my fixed deposit with Utkarsh Small Finance Bank?

    Ans) You can access an overdraft (OD) facility on your Fixed Deposit in order to obtain the funds you need without having to withdraw your Fixed Deposit.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023

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